Ohioans to Receive Nearly $2 Billion in State Tax Refunds; Blamed for State Revenue Miss

This past Monday was tax day, and Ohioans have already begun to see their refunds processed by the Ohio Department of Taxation. Nearly 5.5 million Ohioans filed their taxes this year, with returns already hitting just under the $2 billion mark.

The Office of Budget and Management announced that state tax revenues in all categories fell short in March due to the higher than expected income tax refunds.

“We’re still in the midst of the tax year 2023 filing season, and we will not see how it lands and how it all fleshes out until all payments and refunds process throughout April and into May,” said OBM Director Kimberly Murnieks.

The Ohio House of Representatives is currently deliberating a bill that would phase out the state income tax. The OMA will continue to track and update its members on House Bill 386 and its potential effects on state revenue. 4/15/2024